The jackpot for the MEGA Millions draw on Tue May 21, 2024, is projected to be $421 Million, with an option for a cash payout of $195.9 Million. Should you be the lucky winner of the MEGA Millions jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Arkansas residents, the state will deduct 4.9% from your lottery earnings.
| Arkansas MEGA Millions Jackpot/Cash Option for Tue May 21, 2024 |
|---|
| Draw Date | Tue May 21, 2024 | | Projected Jackpot | $421,000,000 | | Cash Value | $195,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $195,900,000 | | Federal Tax(24%) | $47,016,000 | | Additional Federal Tax | $25,427,330 | | State Tax(4.9%) | $9,599,100 | | Net Lumpsum Payment | $113,857,570 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,336,471 |
$2,304,825
$310,487 |
$3,721,159 |
| 2 |
$6,653,484 |
$2,422,119
$326,021 |
$3,905,344 |
| 3 |
$6,986,074 |
$2,545,178
$342,318 |
$4,098,578 |
| 4 |
$7,335,504 |
$2,674,467
$359,440 |
$4,301,597 |
| 5 |
$7,702,195 |
$2,810,143
$377,408 |
$4,514,644 |
| 6 |
$8,087,410 |
$2,952,672
$396,283 |
$4,738,455 |
| 7 |
$8,491,570 |
$3,102,211
$416,087 |
$4,973,272 |
| 8 |
$8,916,359 |
$3,259,383
$436,902 |
$5,220,074 |
| 9 |
$9,362,198 |
$3,424,344
$458,748 |
$5,479,106 |
| 10 |
$9,830,350 |
$3,597,560
$481,687 |
$5,751,103 |
| 11 |
$10,321,657 |
$3,779,343
$505,761 |
$6,036,553 |
| 12 |
$10,837,803 |
$3,970,317
$531,052 |
$6,336,434 |
| 13 |
$11,379,630 |
$4,170,793
$557,602 |
$6,651,235 |
| 14 |
$11,948,822 |
$4,381,395
$585,492 |
$6,981,935 |
| 15 |
$12,546,221 |
$4,602,432
$614,765 |
$7,329,024 |
| 16 |
$13,173,511 |
$4,834,529
$645,502 |
$7,693,480 |
| 17 |
$13,831,955 |
$5,078,154
$677,766 |
$8,076,035 |
| 18 |
$14,523,658 |
$5,334,084
$711,659 |
$8,477,915 |
| 19 |
$15,249,883 |
$5,602,787
$747,244 |
$8,899,852 |
| 20 |
$16,012,314 |
$5,884,887
$784,603 |
$9,342,824 |
| 21 |
$16,813,056 |
$6,181,161
$823,840 |
$9,808,055 |
| 22 |
$17,653,793 |
$6,492,234
$865,036 |
$10,296,523 |
| 23 |
$18,536,209 |
$6,818,728
$908,274 |
$10,809,207 |
| 24 |
$19,463,251 |
$7,161,733
$953,699 |
$11,347,819 |
| 25 |
$20,436,182 |
$7,521,718
$1,001,373 |
$11,913,091 |
| 26 |
$21,458,370 |
$7,899,927
$1,051,460 |
$12,506,983 |
| 27 |
$22,531,078 |
$8,296,829
$1,104,023 |
$13,130,226 |
| 28 |
$23,657,674 |
$8,713,670
$1,159,226 |
$13,784,778 |
| 29 |
$24,840,684 |
$9,151,383
$1,217,194 |
$14,472,107 |
| 30 |
$26,082,634 |
$9,610,905
$1,278,049 |
$15,193,680 |
|
|
